Monday, September 27, 2010
WASHINGTON, D.C. (Sept. 27, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Curtis Paul (top right photo), an 18-year veteran of the commercial real estate industry, has joined the company as senior vice president, Office Group, effective immediately.
Paul will focus on agency leasing and tenant representation in the Washington, D.C. metropolitan area.
“Curtis has developed an excellent reputation with owners as well as the commercial real estate community at large, and he’s known for the experience and talent he brings to his clients,” said Paul Adkins (lower left photo), executive vice president and managing director of Grubb & Ellis’ Washington, D.C. and Baltimore offices. “He makes a tremendous addition to our team and will serve to expand our leasing business.”
Paul joins Grubb & Ellis from Newmark Knight Frank, where he was a managing director responsible for office leasing. Prior to joining Newmark Knight Frank in 2004, Paul spent eight years as a leasing representative with Vornado/Charles E Smith Commercial Realty, where he was responsible for leasing a 2.5 million-square-foot office portfolio.
Previously, he spent two years as a leasing representative with Washington Real Estate Investment Trust, after beginning his career with Colquitt-Carruthers, Inc., in 1992.
Contact: Erin Mays, Phone: 312.698.6735
JACKSON, MS, Sept. 27, 2010– EastGroup Properties (NYSE-EGP) announced today that it will hold its Third Quarter Conference Call and webcast on Friday, October 22, 2010 at 11:00 A.M. Eastern Daylight Time.
On the call, David Hoster (top right photo), President and CEO, and Keith McKey (bottom left photo), CFO, will review the third quarter results and discuss EastGroup's current operations.
EastGroup plans to release third quarter 2010 earnings on October 21, 2010. The earnings release and supplemental information package will be posted on the Company's website, www.eastgroup.net, on October 21, 2010.
A live broadcast of the conference call is available by dialing 1-800-895-0198 (conference ID EastGroup) or by webcast through a link on the Company's website at http://www.eastgroup.net/.
If you are unable to listen to the live conference call, a telephone and webcast replay will be available on Friday, October 22, 2010. The telephone replay will be available until Friday, October 29, 2010, and can be accessed by dialing 1-800-727-1367.
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Energy Crossing (top left photo), a 239,166-square-foot, Class A office building in Houston’s Energy Corridor submarket.
HFF senior managing director Dan Miller (top right photo) and real estate analyst Trent Agnew, along with Adam Jackson and Stewart Lyman of Stream Realty Partners, represented the seller, M&I Bank.
“HFF received an overwhelming response to the offering of Energy Crossing, conducting more than 40 tours and receiving more than 35 offers,” said Miller. “The buyer pool consisted of high-net worth and institutional opportunistic investors.”
Completed in 2009, Energy Crossing has six floors of office space plus a 900-space, four-story parking garage. The property is currently in lease up with two tenants in occupancy; KBC Advanced Technologies and Electromagnetic Geoservices ASA.
Energy Crossing is situated on 5.3 acres on the south side of Interstate 10 at Highway 6 in Houston’s Energy Corridor. In addition, the sale consisted of 5.5 acres of unimproved land adjacent to the building that is designed for additional office space as well as a 1.2 acre retail parcel.
Founded in 1847, Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services corporation headquartered in Milwaukee, Wisconsin with $53.9 billion in assets.
Lincoln Property Company is one of the oldest and largest comprehensive, vertically integrated real estate firms in the United States. Founded by Mack Pogue in 1965, Lincoln has grown to nearly 5,000 employees in more than 30 states and 200 cities.
Stream Realty Partners, L.P. is a full service real estate investment, development and services company. Since its formation in 1996, Stream Realty has grown from its two original partners to a staff of over 300 real estate professionals.
For more information, visit Stream’s website at http://www.streamrealty.com/.
H. Dan Miller,CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
Uniondale, NY (Sept. 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,150,000 loan under the Fannie Mae DUS® Small Loan product line for the 12-unit complex known as Alexandria (top left photo) in Los Angeles, CA. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Stephen York (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office.
“The borrowers were looking to secure long-term, fixed-rate financing for the purchase of a property in a highly desirable area of Los Angeles,” York said. “We were pleased to deliver attractive financing terms that helped them accomplish their objective. We look forward to future opportunities together.”
Contact: Christopher Ostrowski, firstname.lastname@example.org
MIAMI, FL--The U.S. Bankruptcy Court plans to auction off a block of the remaining 40 developer units in a new, waterfront condominium tower fronting Biscayne Bay in Greater Downtown Miami, according to a new report from CondoVultures.com.
On Oct. 5, the U.S. Bankruptcy Court is scheduled to sell off more than 60,000 square feet of livable space, 56 parking space reservations, and 15 storage areas in the 28-story Onyx on the Bay condo tower (top left photo) to cover some of the outstanding construction debt of more than $22.3 million still owed by the developer, according to U.S. Bankruptcy Court Southern District of Florida records.
The opening auction bid amount is set to start at effectively $7 million, which equals the current 2010 assessed value for the block of units set by the Miami-Dade County Property Appraiser.
The winning bidder must also cover a host of additional costs that are required to complete the nearly finished building and satisfy unpaid property taxes, according to the court order signed by U.S. Bankruptcy Court Judge A. Jay Cristol.
"The auction should finally bring closure to the drama that has surrounded this distinct, waterfront project that was delivered simply about a year too late," said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"If purchased at the right price, some bulk buyer is going to amass a sizable block of new units with waterfront views in Greater Downtown Miami that could have upside going forward. As is always the case, the key will be purchasing at the right price."
The Onyx on the Bay auction portfolio is comprised of six one-bedroom units, 26 two-bedroom units, seven three-bedroom units, and a single four-bedroom unit, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com
Lexington Realty Trust and Transamerica Life Insurance Co. Announce 140,526 SF Lease at 100 Light Street in Downtown Baltimore
BALTIMORE and NEW YORK, Sept. 27, 2010 /PRNewswire/ -- Transamerica Life Insurance Company, an AEGON company, is relocating its Baltimore operations and taking 140,526 net rentable square feet at 100 Light Street (top left photo), the 35-story city skyscraper which will be known as the Transamerica Tower.
The building is owned by a wholly-owned subsidiary of Lexington Realty Trust (NYSE: LXP), a real estate investment trust focused on single-tenant real estate investments.
The lease commences no later than November 1, 2011 and continues for a term of 10 years and three months, subject to two five-year tenant renewal options.
Transamerica has the option to decrease or increase the amount of leased square feet by two floors, or 31,228 square feet, prior to approval of its space plans. Assuming no adjustment in the square feet subject to the Transamerica lease, the building is expected to be approximately 72 percent leased.
T. Wilson Eglin (top right photo), Chief Executive Officer of Lexington, remarked "The addition of Transamerica as a tenant and the renaming of 100 Light Street as the Transamerica Tower successfully culminates our efforts to reposition the building as the premier Class A office property in Downtown Baltimore.
“We are extremely pleased to have procured another marquee tenant and increased leased space from approximately 26 percent to approximately 72 percent in the last 12 months."
Since it acquired its interest in the building on December 31, 2006, Lexington Realty Trust has enhanced the Transamerica Tower by adding a new parking garage across the street, conference center, cafeteria and fitness center and redesigning the plaza and lobby.
"We are pleased to renew our long standing presence in the downtown area in an iconic building, which will now be known as the Transamerica Tower. We look forward to bringing our over 700 employees in Baltimore under one roof," said Mark Mullin (middle left photo), President and CEO of AEGON USA, LLC.
"This is tremendous news for the State of Maryland and for the City of Baltimore. Transamerica Life Insurance Company's decision to keep their business in Baltimore's downtown will help boost Maryland and Baltimore City's economy," said Maryland Governor Martin O'Malley (middle right photo).
"As we come through these tough economic times stronger and more quickly than other states, we continue to work together to create and save jobs, and improve the conditions under which businesses, large and small, can create and save jobs."
"I am very pleased to see another strong corporate name with global recognition added to Baltimore's beautiful downtown skyline at 100 Light Street," said Baltimore Mayor Stephanie Rawlings-Blake (lower left photo).
"Just like the iconic Pyramid in San Francisco, Baltimore's Transamerica Tower will be a prominent downtown landmark and a proud symbol of our City's strength as a thriving corporate center that is open for business."
"We are delighted and excited that, with the help of Lexington, one of the nation's largest insurance companies has decided to locate its future home in downtown Baltimore," said Baltimore Development Corporation President M.J. "Jay" Brodie. "This decision inspires confidence in our city's ability to retain and attract major companies."
David Gillece and David Downey of Cassidy Turley represented Transamerica. Matt Seward and John Schulze of Cassidy Turley represented Lexington Realty Trust.
Transamerica Life Insurance Company is an AEGON company. In the U.S., Transamerica is the AEGON companies lead retail brand.
AEGON is an international life insurance pension and investment organization based in The Hague, The Netherlands. AEGON companies have businesses in over twenty markets in the Americas, Europe and Asia and employ approximately 28,000 people and have over 40 million customers across the globe. www.aegon.com
CONTACT: T. Wilson Eglin, CEO of Lexington Realty Trust, +1-212-692-7200, firstname.lastname@example.org Web Site: http://www.lxp.com/
SALISBURY, Md., Sept. 27, 2010—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced the signing of five management contracts in the greater metropolitan New York area.
The properties, owned by several different groups, include the Comfort Inn Manhattan Bridge; The Madison Hotel, Morristown, N.J.; Fairfield Inn & Suites New York Manhattan/Chelsea; Fairfield Inn & Suites New York Brooklyn; and Best Western Prospect Park Hotel.
“New York continues to be a strong market for the hospitality industry,” said Mike Marshall (top right photo), president and CEO.
“We have significant expertise in urban hotels and a proven track record in the New York metro market. We will market these hotels individually but will be able to take advantage of economies of scale to reduce costs in a high-cost market.
“We have seen an increased interest from owners in the past six months for both receivership and cash flowing properties,” Marshall noted. “Both owners and lenders are anxious to take maximum advantage of the rebound in the hotel industry and ratchet up profitability and value.”
About the Properties
Fairfield Inn & Suites New York Manhattan/Chelsea—Opening in October of 2010, the hotel is situated a short distance from the Empire State Building, Times Square and Central Park Zoo, at 114 West 28th Street. The 112 spacious guest rooms have well-lit work areas and high-speed wireless Internet access. The 18-story hotel features complimentary continental breakfast with fresh-brewed coffee, swimming pool, exercise room and copy and fax services. Marshall is overseeing all pre-opening activity.
Comfort Inn Manhattan Bridge— Located at 61-63 Chrystie Street, the recently built hotel is in the lower Eastside of Manhattan. The 60-room property features high-speed wireless Internet access, complimentary deluxe continental breakfast and business services. The well-appointed guest rooms offer flat-screen plasma televisions, coffee makers and work desks.
The Madison Hotel—At 1 Convent Road, in Morristown, N.J., the property features a deluxe complimentary continental breakfast; fitness center with state-of-the-art cardiovascular equipment; and heated indoor swimming pool with whirlpool. The hotel offers nearly 14,000 square feet of flexible meeting space and 24-hour business center.
The hotel offers the award-winning Rod’s Steak & Seafood Grille, which also is a popular local favorite. The property is close to Farleigh Dickinson University, Drew University, The Mall at Short Hills, and offers easy access to Manhattan via the New Jersey Midtown Direct Express. The 186 spacious rooms have individually decorated furnishings, sumptuous bedding and complimentary wired and wireless Internet access.
Fairfield Inn & Suites New York Brooklyn—Scheduled to open in November of this year at 181 3rd Ave., the hotel is Brooklyn’s first Marriott Fairfield Inn & Suites. The 12-story building is near 5th Ave., Smith Street and within blocks of the subway. The hotel features a spacious atrium lobby, rooftop gardens with views of Manhattan and Brooklyn, fitness room with cardiovascular equipment and free weights, barbeque and picnic area, complimentary continental breakfast buffet and business services. All 133 rooms have free high-speed wireless Internet access, well-lit work desks, LCD flat-panel televisions and coffee makers.
Best Western Prospect Park Hotel—At 3003 Emmons Ave., the hotel, which is expected to open next month, is on Long Island’s waterfront area, near Coney Island and one mile from Brighton Beach. The hotel features complimentary continental breakfast, 24-hour fitness center and copy and fax services. Each of the 99 well-appointed rooms offers free wireless high-speed Internet access. Marshall is responsible for all pre-opening activity.
Contact: Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293
Boynton Beach, FL (September 27, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced that ARA’s Florida Division facilitated the sale of the substantially-completed Peninsula on the Intracoastal (bottom right photo) multifamily community located in Boynton Beach, Florida.
The non-fractured, direct Intracoastal Waterway community is comprised of 50 residential units and 20 townhome sites.
The transaction was arranged by ARA Florida’s Boca Raton-based team of Hampton Beebe (top right photo), Avery Klann (middle left photo) and Marc deBaptiste (lower right photo).
The asset was purchased by Boca Raton-based Altman Development for $8,300,000.
Peninsula on the Intracoastal, located at 2649 North Federal Highway in Boynton Beach, features a luxury, five-story mid-rise residential building containing 40 spacious units with a spectacular water view on three sides.
The Property also includes 10 nearly complete two-story coach homes, all with three bedrooms and two-car direct-access garages. The large space between the mid-rise building and the coach homes have infrastructure in place, substantial portions of which have been completed, to build 20 additional townhomes.
“The unique waterfront location was a draw for investors,” said Senior Vice President Hampton Beebe, of ARA’s Boca Raton office, who brokered the deal. “ARA completed an unprecedented 85 property tours during the marketing.”
Units in the mid-rise building feature floor-to-ceiling tinted hurricane-impact glass sliding doors in living rooms, oversized sunset terraces with aluminum railings, double-door entries leading to spacious entry foyers, 8’8” textured ceilings in living areas, European kitchen/bathroom cabinets, granite kitchen/bathroom countertops and whirlpool tubs.
The building also features a pool and spa overlooking the Intracoastal and covered parking on the first floor, as well as a potential clubroom that can be finished with fitness equipment, multimedia amenities and lounge area.
“Peninsula on the Intracoastal offers an irreplaceable site and unsurpassed Intracoastal Waterway views,” noted Beebe. “The purchaser was able to acquire this non-fractured, waterfront multifamily community for substantially less than replacement cost.”
“Altman Development’s vertically-integrated platform and experience in the Boynton Beach market made them an ideal candidate for Peninsula on the Intracoastal,” added Boca Raton-based principal Avery Klann.
Local Contact: National Contacts:
Marti Zenor Amy Holland or Lisa Robinson
Apartment Realty Advisors Apartment Realty Advisors
(561) 988-8800 ext. 112 (404) 495-7300